What I can say is that flat lots are in demand by the builders so those neighborhoods are likely to have the shortest construction cycle, comparatively speaking.

I just wrote this article a couple weeks ago...maybe it gives you some things to consider along the way-https://www.biggerpockets.com/renewsblog/considera...More specifically on the numbers, calculate what you'd be profiting (don't forget to subtract mortgage interest and property taxes and all that) and compare that to what you would pay in rent. 

It provides the ability to use data from broker offering memorandums by comparing actual to pro forma income and expenses.

Maybe it's cashflow neutral due to the interim financing, and you refinance it to 'traditional' financing after a year.

FHA requires 3.5% down, regardless of whether you use the traditional FHA program or the FHA 203K program.So, unless you have a grant or some other combination program that provides your down payment for you, you will be required to put a minimum of 3.5% down.

Also, this wasn’t part of your question, but how do current rents compare to market rates?

(Rule of thumb suggests that falling below 1% gross return per month makes it increasingly hard to cash flow positively on average, when borrowing to the max).A similar question: Are you getting a bargain* (compared to sold comps)?

This BP analyzer is pretty superficial...If you are wondering if you should pull the trigger, you'd need to have a set investment criteria, and then we'd have to ask if the deal in question meets those criteria...this is a residential property valued by comparable sales...CAP is irrelevant entirely...Cash-on-cash merely puts your property on the same level playing field as other similar properties for the first year...it doesn't truly dictate a good deal.

6, why is that you cannot get a traditional mortgage loan for a flip?

You should read the lease contract, see how much the monthly payments are compared to what the electricity bills were before solar at the property, look for a fixture filing or lien in the contract, and go from there.